ENECO REFRESH LTD — Interim / Quarterly Report 2023

Jan 30, 2023

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Eneco Refresh Limited ( ABN 28 079 681 244) 17 Denninup Way, Malaga WA 6090 Tel: (08) 9248 7222 Fax: (08) 9248 7233 Email: info@eneco-refresh.com.au Website: www.eneco-refresh.com.au

Tuesday, 31 January 2023

ASX Announcement (ASX: ERG)

Quarterly Activity Report to 31 December 2022

Eneco Refresh Ltd (Eneco) is pleased to provide a review for the second quarter ending December 2022. Total revenue for the quarter and year-to-date by Cash Generating Units compared to the same period last financial year are as follows:

Cash Generating Units Western Australia (WA) New South Wales (NSW) Victoria (VIC) Northern Territory (NT) Queensland (QLD) Refresh Waters Refresh Plastics Total	2nd Quarter Revenue Oct to Dec 22 Oct to Dec 21 Variance $'000 $'000 1,048 1,084 -3% 759 673 13% 384 439 -13% 389 428 -9% 666 616 8% 3,246 3,240 0% 753 721 4% 3,999 3,961 1%	Year-to-Date Revenue Jul to Dec 22 Jul to Dec 21 Variance $'000 $'000 1,931 1,851 4% 1,413 1,040 36% 751 822 -9% 851 798 7% 1,270 1,154 10% 6,216 5,665 10% 1,341 1,381 -3% 7,557 7,046 7%	Year-to-Date Revenue Jul to Dec 22 Jul to Dec 21 Variance $'000 $'000 1,931 1,851 4% 1,413 1,040 36% 751 822 -9% 851 798 7% 1,270 1,154 10% 6,216 5,665 10% 1,341 1,381 -3% 7,557 7,046 7%	Year-to-Date Revenue Jul to Dec 22 Jul to Dec 21 Variance $'000 $'000 1,931 1,851 4% 1,413 1,040 36% 751 822 -9% 851 798 7% 1,270 1,154 10% 6,216 5,665 10% 1,341 1,381 -3% 7,557 7,046 7%
			Jul to Dec 21 $'000 1,851 1,040 822 798 1,154 5,665 1,381 7,046
				4% 36% -9% 7% 10% 10% -3% 7%

There was no significant expenditure for the quarter. A summary of expenditure incurred compared to the previous quarter is as follows:

Product manufacturing and operating costs Advertising and marketing Leased premises Staff costs * Purchase of plant and equipment	Dec Quarter $’000 2,918 200 242 836 -12	Sept Quarter $’000 2,864 199 243 787 -14

• Includes $74k paid as director fees and salaries

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Eneco continues to manufacture at 7 bottled water factories across Australia and 1 plastic factory in Melbourne.

Refresh Waters

Refresh Waters sales increased by 10% year-to-date.

Most of the growth came from NSW. Our custom labelled bottled water division continues to grow very strongly.

QLD continues to grow, with one of the key growth areas coming from increasing sales to Woolworths.

WA had a slight decline last quarter but is expected to do better in the coming months because of a very hot summer.

VIC saw a decline due to changes in its customer base.

NT was also weaker last quarter however this should be seen in light of very strong growth in its first quarter.

The increasing costs of business has affected the bottom-line nationwide. We are increasing prices to offset these increases to improve profitability but this will need to be done in a structured and progressive way and may not show an immediate effect.

Refresh Plastics

Refresh Plastics has secured a new customer resulting in a revenue increase of 4%. The arrival of Dolium one-way PET kegs from Belgium was further delayed but goods were received in January 2023. It is anticipated this will increase revenue further.

This announcement was authorised for release by Henry Heng, Managing Director.

For more information, please contact: Henry Heng Managing Director henry@eneco-refresh.com.au

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Eneco Australia Pty Ltd (ABN 16 631 139 261) 17 Denninup Way, Malaga WA 6090 T: 08 92487222 F: 08 92487233 E: info@eneco-refresh.com.au Refresh Waters Pty Ltd (ABN 20 115 000 318) Perth - 17 Denninup Way, Malaga WA 6090 T: 08 92487222 F: 08 92487233 E: info@refreshwaters.com.au Kalgoorlie – 33/46 Great Eastern Hy, Kalgoorlie WA 6430 T: 08 90222266 F: 08 90224468 E: kalgoorlie@refreshwaters.com.au Melbourne – 11 Olive Grove, Keysborough Vic 3173 T: 03 87128432 F: 03 97015744 E: melbourne@refreshwaters.com.au Sydney – 3 Salisbury St, Silverwater NSW 2128 T: 02 97484200 F: 02 97484366 E: sydney@refreshwaters.com.au Darwin – 22 Hamaura Rd, East Arm NT 0822 T: 04 06841719 E: darwin@refreshwaters.com.au Refresh Waters Queensland Pty Ltd (ABN 97 095 451 406) Brisbane – 120 Mica Street, Carole Park Qld 4300 T: 07 32711251 F: 07 38793019 E: brisbane@refreshwaters.com.au Toowoomba – 600 Boundary St, Toowoomba Qld 4350 T: 07 46590400 F: 07 46590411 E: toowoomba@refreshwaters.com.au Refresh Plastics Pty Ltd (ABN 82 616 217 791)

t/a Ampi Plastics – 9 Olive Grove, Keysborough Vic 3173 T: 03 97015600 F: 03 97015744 E: enquiries@refreshplastics.com.au

Rule 4.7B

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Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Eneco Refresh Limited

ABN 28 079 681 244	Quarter ended (“current quarter”)
28 079 681 244	31 December 2022

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs (ROU reclassified) 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	4,028 (2,918) (200) (242) (836) 221 1	7,590 (5,782) (400) (485) (1,623) 221 3
	54	(476)

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	12	26
	12	26
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings (including AASB16 expense) 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (AASB16 adjustments and depreciation) 3.10 Net cash from / (used in) financing activities	(203)	(203)
	(203)	(203)

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Current quarter $A’000	Year to date (6 months) $A’000
4. 4.1 4.2 4.3 4.4 4.5 4.6	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period		767 54 12 (203)		1,283 (476) 26 (203)
			630		630
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000		Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		300 330		367 400
		630		767
6. Payments to related parties of the entity associates		and their		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 74 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.				74

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities 0 0 Credit standby arrangements Other (please specify) Total financing facilities 0 0 Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		0	0
		0	0

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6	Net cash from / (used in) operating activities (item 1.9) 54 Cash and cash equivalents at quarter end (item 4.6) 630 Unused finance facilities available at quarter end (item 7.5) 0 Total available funding (item 8.2 + item 8.3) 630 Estimated quarters of funding available (item 8.4 divided by item 8.1) N/A Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	54 630 0
		630
	Answer: N/A
	8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ....... 31 January 2023 ......................................................

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Authorised by: ........ Henry Heng, Managing Director ..................... (Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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